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May 19 - 07:55 PM

AUD/USD - Bid As Metals Surge On China Property Optimism

By Krishna K  —  May 19 - 07:05 PM
  • AUD/USD well supported in Asia after bouncing from 0.6645-50 support on Fri

  • Boosted by surging prices for base and precious metals on China optimism

  • China unveils 'historic' steps to stabilise crisis-hit property sector

  • Copper surges to 26-mth peak, gold +1.5%, silver breaks $30, hits 11-yr high

  • AUD may consolidate in 0.6640-50 to 0.6730-50 range before further rally

  • Downside limited as RBA likely to stay higher-for-longer on rates

  • China LPR rtae fixing Monday and RBA minutes of May meeting Tuesday awaited

  • Friday global range 0.6701-0.6649; buying dips preferred

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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